STAR Businessweek - 17 February 2018 by STAR Publishing

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DIASPORA INVESTORS:

HOW THE DIASPORA DOLLAR CAN CONTRIBUTE TO THE REGION’S ECONOMIC DEVELOPMENT

Americans abroad hit by Trump’s new repatriation tax rules

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

Caribbean people have always been mobile travelling, settling and investing all over the world. Advances in transport and technology now allow for a far-flung Caribbean diaspora that can keep in touch with its roots and, in some cases, even contribute economically to the home islands. The World Bank estimates that the Caribbean diaspora numbers almost six million and, in 2012, these expats sent over US$7 billion home (US$29.2 million of this went to Saint Lucia, comprising 3.7% of the country’s GDP). Continued on page 4

Trump’s Cuba clampdown criticised for not going far enough After President Donald Trump’s tough talk on Cuba and his promise to roll back his predecessor Barack Obama’s “failed policy of appeasement”, his latest measures have been lambasted for not going far enough. Page 7

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THE STATE OF E-COMMERCE IN THE CARIBBEAN BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE

The Caribbean diaspora—pronounced in our local tongue as /dīˈASS po-rah—has been the subject of increased study over the past few years due to the potential of members of the group to become economic changemakers in their home countries. Numbering over 6 million strong, the Caribbean diaspora is a largely affluent and well-educated group whose members are typically highly engaged with the current affairs of the region and their home islands. Starting on page 1, in How the Diaspora Dollar Can Contribute to the Region’s Economic Development, we’ll take a look at how economies like Saint Lucia’s can begin pursuing their development agendas by appealing to this unique group of potential global investors. In a continuing theme here at The STAR Businessweek, we believe that, more and more, the Caribbean’s future is increasingly digital. Borderless technologies enable us to transcend our isolated, geographic fates . . . but only if policymakers are willing to invest in addressing some of the key hurdles plaguing the industry’s growth. Explore these issues and more in The State of e-Commerce in the Caribbean here on page 2. According to the Financial Times, there’s one group that is certainly not benefitting from the Trump administration’s new tax cuts—expat Americans. In an interesting analysis conducted by a series of international taxation experts, US expats earning an income overseas will definitely find sage advice in Americans Abroad Hit by Trump’s New Repatriation Tax Rules on page 3.

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The future of the Caribbean is digital. The rise of the online economy is set to grow new businesses and transform existing ones. Though the foundations of this change are strong within our region‚ growth will not just happen. This is evidenced in the field of eCommerce‚ where much progress has been made but more can still be done.

WHAT IS THE STATE OF E-COMMERCE IN THE CARIBBEAN?

At its core, there is a key theme seen across a number of areas in regional business. It’s clear that the people of the Caribbean hold great talent and the potential to seize upon the advantages offered by e-Commerce but traditional (what we could now only call outdated) structures have limited its capacity to grow. This issue is not confined to our region alone. That’s why even though Japan is viewed as a hyper-modern economy on the cutting edge of technology in Asia, its heavily cash-dependent economy also sees it behind the pace in some economic indicators that laud digital finance and transactions.

HOW WILL E-COMMERCE GROW IN THE REGION?

While other nations and regions around the world have looked to rapidly shift to a financial architecture that seizes upon the future‚ the Caribbean has been slower to create change in our banking system and practices, change that enables regional entrepreneurs and businesses to quickly and easily shift their business from bricks and mortar to online operations. Even when they do‚ greater fees or red tape can be an inhibitor to generating new ideas and

enthusiasm. More widely‚ there’s the challenge of regional co-operation. The potential for the Caribbean to grow greater trade ties and relationships within our region is considerable but shifting that longstanding potential into actionable policy is more difficult. Underpinning all this is the irony that the Caribbean is recognised as a leader of global finance (controversies in it notwithstanding). But it is in this field that good results can be pursued on the ground floor, ones that benefit not only the billionaires who may bank in our region via a Citizenship by Investment Programme but also the entrepreneurs looking to start a new venture‚ and existing businesses seeking to go digital and build for their future. Put simply‚ the Caribbean already leads in one field‚ so the architecture exists to build a leading advantage in the other.

WHERE WILL ACTION COME FROM?

E-Commerce in the Caribbean has potential but it must not remain something ‘with potential’ for too long; it will need clear and steady signs of growth for the region to capitalise on it. The International Monetary Fund (IMF) has cited strengthening the business environment as crucial to the Caribbean’s future. Signing a new free trade deal or creating 10,000 new jobs cannot be done with the stroke of a pen but regional governments creating a more proactive culture for e-Commerce growth is more a matter of modernising reforms over gigantic changes. As progress on these reforms could occur relatively quickly, so

could seeing strong results from it. While government will play a vital role in this field‚ the real momentum to drive change will come from business. This can be an area where big and sweeping change is brought in (which chamber of commerce wouldn’t be delighted to think the next Amazon is being built in its community?) but it can also be small things. The development of local e-Commerce content, like plug-ins, is something that could be done inexpensively locally‚ but really help build the Caribbean brand in e-Commerce regionally and globally. Nonetheless‚ while the greatest innovation may come from the private sector‚ it’s a reality that government that will play a core role, no matter what, due to e-Commerce’s need for good infrastructure, namely electricity prices and internet speeds. It’s here that initiatives like the GO Network pilot here in Saint Lucia could not only improve our country’s digital brand in tourism but jumpstart a new era for e-Commerce. The growth of e-Commerce in the Caribbean would also bring benefits beyond the online arena, chiefly‚ the possibility to cut through existing irritations in daily life.

CUSTOMS AND CHARGES

Many members of the Caribbean family have known the frustrations of a run-in with customs and border controls. You’ve bought a gift from overseas (and are likely annoyed by, but ready to pay, high shipping and insurance fees), only to find on arrival here that your wallet needs to open again. This was the experience of Lorne Charles, General Manager of a popular holiday resort here in Saint Lucia. Having arranged for a friend to buy him an iPhone for his son as a 2017 Christmas gift, the experience soon turned sour. First there was a delay in shipping, even though Lorne had paid for express post. Then the real pain came, when Lorne found out that the Saint Lucia Customs and Excise Department had detained his phone. Continued on page 5

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© The Financial Times Limited [2018]. All Rights Reserved. Not to be redistributed, copied or modified in anyway. Star Publishing Company is solely responsible for providing this translated content and the Financial Times Limited does not accept any liability for the accuracy or quality of the translation

AMERICANS ABROAD HIT BY TRUMP’S NEW REPATRIATION TAX RULES BY FT CORRESPONDENT

“It is a corporate provision that sweeps up individual US taxpayers as well.” - Richard Cassell, tax partner at London law firm Withers

Expatriate Americans face unexpected tax bills on their overseas business interests under repatriation rules Congress designed to persuade the likes of Apple and Google to bring back to the US profits they had accumulated in lower taxed countries. Tax experts in Washington, Tel Aviv and London told the Financial Times large numbers of their clients would be hit by a clause in the tax reforms signed into law by President Donald Trump in December. The Tax Cuts and Jobs Act imposes a one-time “deemed repatriation tax” of 15.5 per cent on the profits businesses have accumulated overseas, whether or not they choose to repatriate them as Apple has with its pledge to bring

$38bn back to the US. Any individual US citizen or green card holder owning more than 10 per cent of a “controlled foreign corporation”, or CFC, will be forced to pay this tax within eight years, according to an analysis by Charles Bruce, a former tax counsel at the Senate finance committee who now serves as legal counsel to American Citizens Abroad, an advocacy group in Washington. A CFC is an overseas business in which US shareholders control more than 50 per cent of the voting rights. “The problem is, the way the law is worded treats every American citizen and green card holder in the world [operating through a foreign corporation] the same as Google,” said Monte Silver, a US tax attorney and senior counsel at Eitan Mehulal Sadot in Israel. “There’s going to be some sort

The state department estimated last year that 9m US citizens live abroad, but advisers said there were no reliable figures on how many taxpayers overseas will be caught by the new repatriation rules

of uproar” as more expats and their advisers learn about their exposure, he predicted, but “the problem is expats have no political clout”. The state department estimated last year that 9m US citizens live abroad, but advisers said there were no reliable figures on how many taxpayers overseas will be caught by the new repatriation rules. “I know hundreds just in Israel,” Mr Silver said. Many self-employed Americans abroad created foreign corporations to avoid paying US social security, Mr Silver noted. One Washington-based consultant added that a high number of these were wealthy individuals who had never repatriated any of their offshore earnings. In his analysis, Mr Bruce noted that many individuals caught by the repatriation tax would not have the cash on hand to pay it. Unlike US corporations, however, they could not claim a deduction on any dividend their foreign corporations distributed to cover the bill. “At this point there is little that any taxpayers can do to mitigate the ‘repatriation’ tax — it is a corporate provision that sweeps up individual US taxpayers as well,” said Richard Cassell, a tax partner at London law firm Withers, which has analysed the new law’s impact on expatriate Americans. Advisers said expats with foreignsourced income would also not qualify for a deduction on pass-through income provided for some businesses by the new law. Some groups advocating for Americans abroad hope that what appear to be unforeseen effects of the tax bill on expats will add impetus to their campaign to make Americans overseas subject to residency-based taxation, rather than citizenship-based taxation. “The good thing about this is that it really highlights that the taxation of Americans overseas is just not right,” Mr Bruce said. “The problem is that people don’t think about Americans overseas . . . There’s no congressman representing Americans in France.”

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Diaspora Investors: HOW THE DIASPORA DOLLAR CAN CONTRIBUTE TO THE REGION’S ECONOMIC DEVELOPMENT

Continued from page 1

and Founder of the US-based Institute of Caribbean Studies (ICS): those who give to social causes and those who are investing for purely economic reasons. She says that both have a role to play in the region’s development and their interests can, and should, coincide: “Most of the diaspora are in social investment, others are supporting development projects and doing things like starting workshops and giving equipment. They want people to make something for themselves. They want to do good, and do well, at the same time.” Traditionally diaspora investors have funnelled their money into a variety of industries from entertainment and the arts to real estate and manufacturing. Times are changing, however, and investors’ tastes are changing along with them. The diaspora is being drawn to sectors with the most innovation and movement, such as green energy, ICTs and agribusiness. And most are willing to look beyond their country of origin, taking a regional view to disperse their money in multi-island opportunities.

SMOOTHING THE WAY

LINK-Caribbean hosted the region’s first Caribbean Angel Investor Forum in Montego Bay, Jamaica last year. “As a first of its kind in the region, the Caribbean Angel Investor Forum represents our commitment to the development of an active angel investment ecosystem that translates into an alternative stream of capital for our private sector,” said Pamela Coke-Hamilton, Executive Director of the Caribbean Export Development Agency.

For some members of the diaspora, the desire to stay involved in their communities goes beyond just sending money back to their families. Many have invested in start-ups, purchased real estate, established businesses or simply donated money to philanthropic causes. In recent years, international development groups and Caribbean governments have begun to realise the purchasing power of the diaspora and are keen

COMING SOON SATURDAY MARCH 31ST, 2018

to tap into its potential as a driver of growth in the region.

WHO IS THE DIASPORA INVESTOR?

Nearly a quarter of Caribbean diaspora members have investible wealth of over US$100,000, according to a 2013 study from infoDev. On the whole, Caribbeans abroad are a well-educated, affluent and professionally

successful group, making them savvy investors and shrewd businesspeople. They are also highly engaged with the region, connected to their communities and eager to make a difference in terms of supporting social and economic causes. Many return home several times a year to mentor, volunteer or donate to local charities. There are two types of diaspora investors, according to Dr Claire Nelson, President

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While 85% of Caribbean diaspora members are interested in investing back home, only 13% actually do, according to infoDev. So why the disconnect? Authors of the 2013 infoDev report ‘Diaspora Investing’, Qahir Dhanani and Mina Lee, say that expat investors are actively interested and looking for opportunities, but are prevented by systemic issues. “The diaspora firmly believe that lucrative investment opportunities exist, but that broader ecosystem issues constrain their uptake.” The economists further identified the top three barriers to investment as insufficient trust in entrepreneurs, complicated legal processes and quality of product or service. Effective due diligence processes could help build trust between entrepreneurs and their financiers. Careful monitoring and consistent communication can build a rapport that offers both sides of the deal some security. In terms of the legal processes involved, investors would benefit from clear instruction, readily available information and co-operation from local regulators and stakeholders. Quality issues can be overcome with better training, education and standards. Start-ups with access to mentoring programmes and business incubators stand more chance of developing innovative, high-quality products.

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RENAISSANCE 2.0:

ICT AND THE DIGITAL REVOLUTION In this Special Edition of The STAR Businessweek, we’re taking a broad look at the massive disruptions that are taking place in the ICT industry and what they mean for business in Caribbean nations like Saint Lucia and our digital futures!

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Traditionally diaspora investors have funnelled their money into a variety of industries from entertainment and the arts to real estate and manufacturing. Times are changing, however, and investors’ tastes are changing along with them

AREAS OF OPPORTUNITY

By addressing the financing gap often faced by small businesses, diaspora investors can help deliver the holy grail of economic development - private sector-led growth. But before potential investors can address a need, they must first be aware of it. Lack of diaspora engagement often stems from a lack of awareness as small ventures go unnoticed by Caribbean investors living abroad. Online platforms that link international investors with projects in the Caribbean help funnel diaspora investment to where it is most needed. These capitalise on the region’s widespread use of social media and internet connectivity while simultaneously leveraging the trend for crowdfunding alternative finance. They also pave the way for a co-ordinated approach of multiple investors coming together to support a single business. In this way, networks of angel investors could spread throughout the region. Efforts to use such platforms have so far been limited. Although sites such as Kickstarter and

GoFundMe have raised money for Caribbean causes, these are mostly philanthropic and small-scale ventures. One of the most promising platforms available to diaspora investors is LINK Caribbean’s Regional Angel Investor Network which was created last year with the aim of connecting high net worth individuals with start-ups and entrepreneurs. Dr Nelson says an online platform model has potential but must first overcome the central issue of trust. Many diaspora members would be reluctant to invest in a deal at arm’s length, preferring a more intimate approach. Dr Nelson, who has over 25 years’ experience in international development, also wants to see more dialogue between the diaspora and agencies such as Caribbean Export and the World Bank, saying: “We need an inclusive approach. The shared future of the Caribbean region requires a shared vision. Looking at the diaspora as cash cows and putting things in place without asking them will not work. All of us have a part to play in the process.”

A FORCE FOR GOOD

Anyone familiar with the Caribbean knows that the region is home to innovative thinkers, creative trend-setters and budding business moguls. But getting that message out to the world isn’t always easy. According to economists Dhanani and Lee, engaging the diaspora provides an opportunity for the region to gain a foothold on the international stage: “In the long term, diaspora investments and their deals in the region can demonstrate to the rest of the world that the Caribbean has viable high-growth enterprises and is open for business.” Dr Nelson agrees and says: “There has been a shift in the last two to three years of people seeing the diaspora as key to development. Governments now recognise that they are a bridge. They demonstrate that people are willing to invest in these countries. Small successes are going to have a ripple effect. It creates a buzz.” Herself a member of the Jamaican diaspora, Dr Nelson believes that economic growth isn’t just a matter of mathematics. She wants to see more “impact investing” which asks “How does it make a difference on the ground?” and says: “Development is a state of mind. You cannot become what you do not believe in. The diaspora, who have always had a passion for their home countries and are committed to giving back, have a vision for the region [and] you need that spiritual capital to build the economy.”

Love is in the air!

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THE STATE OF E-COMMERCE IN THE CARIBBEAN Continued from page 2

Saint Lucia’s internet penetration rate — the percentage of the population that accesses the internet — is 58%, according to IWS.

After being informed that he would have to pay in excess of EC$1,000 to secure release of the phone, Lorne elected to return the phone. He was then informed that he would have to pay 35% of the phone’s total value, simply to send it back. In 2018 the world is shifting to an online and globalised economy but this experience led Lorne to feel that he was doing business far from that world. Growth in e-Commerce will not remove overnight existing problems in other areas of regional businesses, like customs and tariffs, but it would shine a light on them. Many professionals like Lorne still prefer to buy goods from the US or EU market as the diversity of their offerings can go beyond local supplies. It’s easy to identify why so many consumers in our region would be enticed by the idea of a local business intent on delivering change here: a local e-Commerce

business that can buy in bulk, drive a hard bargain on shipping and handling fees, and deliver products locally, more quickly.

THE URGENCY FACTOR

In some respects there is time on the region’s side. It is estimated that only 50% of the world has internet access‚ and only 43% access the online world via mobile. To a degree, this means that the digital audience is still growing. As it does‚ many local entrepreneurs and businesses that previously felt the timing wasn’t right may then throw their hat in the ring and start up an e-Commerce operation. Just like running a race‚ every nation may be progressing to a digital economy‚ but there is a big difference between those leading and the ones who will follow. The challenge for the Caribbean is to embrace the speed of competition‚ and look to lead it.

THE E-COMMERCE COMPETITION

In an era where the world is seeing an increasing convergence of dominant tech companies - with the likes of Google, Apple, Facebook and Amazon being so far ahead of competitors as to make many comparisons simply redundant - the potential for the expansion of these companies (especially the e-Commerce giant that is Amazon) means that our region must not mistakenly regard internet speeds and e-Commerce as a chicken and egg scenario. It’s clear that one can come before the other, and indeed must. Pursued in this vein, with an ambition to source locally and sell locally, over time the potential for the Caribbean to not only reduce costs at home, but begin to build a new business identity abroad in the digital era, is a very exciting one.

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CORPORATE

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HANDS

The Saint Lucia Government Gazette Company Registration Name: Client Solutions (Insurance Brokers) Ltd. Description: Insurance Brokerage Directors: Horace Renison Fraser; Deldridge Flavius; Germa Dorius-Deterville Date Incorporated: 23-Jan-18 Chamber: Carlton Amsterdam Chambers, Saint Lucia

Name: The Jus’ Sail Foundations Inc. (Non-Profit) Description: Training of kids/interested persons in water-related activities Directors: James Crockett; Helen Demacque-Crockett; Matthew Render Date Incorporated: 2-Feb-18 Chamber: RDM Chambers, Saint Lucia Anse La Raye is only one of several communities that were affected by the 2013 Christmas eve trough that swept through various quarters of the island

NEW ZEALAND TO CONTINUE RIVER BANK STABILISATION WORKS IN ANSE LA RAYE COMMUNITY The Government of New Zealand has committed to continue flood mitigation works in the coastal community of Anse La Raye in Saint Lucia. The initial construction of a river stabilisation wall has seen a marked decline in the flooding of properties along the Grande Rivière, especially the Anse La Raye infant school. The new project seeks to extend the protective wall along the beach, in an effort to prevent further soil erosion. Christopher Prescott, Volunteer at the Anse La Raye Disaster Committee, outlined the benefits of the wall extension. “The original wall has done a great job keeping the river from overflowing into

the school compound. However, the sand on the beach was not protected. Sea swells would push water towards the shore and this eroded and displaced the sand into the mouth of the river, causing debris to settle. With this extension along the beach, the wall will protect the sand and allow the water from the Grande Rivière to flow freely out to sea.” The New Zealand Government, in collaboration with the OECS Commission, has assisted several OECS communities affected by the ‘2013 Christmas Eve Trough’ with disaster risk reduction interventions. The partnership, entered into in September 2014, sought to increase

the resilience of at-risk communities in Saint Lucia, Saint Vincent and the Grenadines and the Commonwealth of Dominica through the establishment of disaster preparedness facilities, rehabilitation of community infrastructure and provision of training. The OECS Commission, as recipient of a Grant Funding Arrangement (GFA) with the New Zealand Ministry of Foreign Affairs and Trade (MFAT) in the amount of US$140,000, was responsible for identifying and monitoring the project interventions through its Social & Sustainable Development Division. Work on the extension of the flood protection wall began on February 5, 2018.

Name: J’s Electrical & Construction Services Ltd. Description: Domestic, commercial, and industrial contracting Directors: Jason St. Rose Date Incorporated: 7-Feb-18 Chamber: Messrs. Monplaisir & Company, Saint Lucia

Name: Surf Bay Ltd. Description: Real Estate Directors: Crowne Nominee Services Limited Date Incorporated: 8-Feb-18 Chamber: Crowne Corporate Services Ltd, Saint Lucia

Name: Bonds Insurance Agency Inc. Description: Insurance Agency Directors: Keith Quentin Smith; Deale Lee; Geraldine Lendon-Gabriel; Kendell Marcel Gill Date Incorporated: 8-Feb-18 Chamber: Crowne Corporate Services Ltd, Saint Lucia

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TRUMP’S CUBA CLAMPDOWN CRITICISED FOR NOT GOING FAR ENOUGH BY FT CORRESPONDENT

Despite new rules against companies with military ties, Havana says it is still open for business

After President Donald Trump’s tough talk on Cuba and his promise to roll back his predecessor Barack Obama’s “failed policy of appeasement”, his latest measures have been lambasted for not going far enough. Last November, the US issued regulations that clamp down on transactions tied to the Cuban military, intelligence and security services. The new rules flesh out a directive signed in Miami last June when Mr Trump said he would squeeze companies linked to the Cuban military, while making exceptions for US airlines, cruise operators and other groups that had already opened in Cuba. But senior Cuban-American lawmakers have unexpectedly criticised the new rules for not doing enough to cut off cash to the communist island, claiming that “bureaucrats” had watered down Mr Trump’s tougher approach. “Unfortunately . . . bureaucrats in the state department who oppose the president’s Cuba policy refused to fully implement it,” Marco Rubio, Republican senator for Florida, said in a statement. “I am disappointed . . . that the regulations do not fully implement what

the president ordered,” Mario Diaz-Balart, a Florida congressman, said separately. The criticism is particularly striking as the two lawmakers helped draft Mr Trump’s June policy directive. Analysts said it suggested that some of the forces for change initiated by Mr Obama’s process of detente two years ago had taken on a life of their own, especially among US businesses. “This is cold war 3.5,” said Pedro Freyre of US law firm Akerman, who advises US companies seeking to do business in Cuba. “There is still the weird cold war rhetoric of old, only it’s different. It’s as if the Cuban guerrillas are still in the Sierra — only now they have cell phones; and the US is glowering from the beach — even as it eyes potential condos.” Cuba, where Raúl Castro is expected to step down as president this year, has responded to Mr Trump’s frostier approach by claiming that it is “open for business”. At the International Havana Fair in November, officials said they had signed US$2bn of foreign investment deals this year — a remarkable doubling of the total that Havana has signed since revamping investment regulations in 2014. Caterpillar and Deere & Co have already

Bruno Rodríguez, the Cuban foreign minister has said the US was “deliberately lying” about the attacks in order to poison bilateral relations

signed distribution agreements on the island for sales of their iconic earthmoving and agricultural equipment. Those agreements are allowed, despite the new US rules, due to a series of exceptions that includes commercial engagements already in place. This is to avoid what the US Treasury called “negative impact” on US business. The same holds for a Sheraton Four Points hotel in Havana, even though its joint venture partner is a Cuban entity linked to the military — a carve-out criticised by Ileana Ros-Lehtinen, a Florida congresswoman. Still, just as Washington claims it is squeezing Havana while conservative critics say it is not, Cuba’s claim that it is truly open for business is equally open to criticism. Of the total $4bn in investment projects signed since 2014, according to foreign trade and investment minister Rodrigo Malmierca, about half is accounted for by four luxury golf resorts, including one Chinese project. But none have begun. “That’s $2bn of maybes,” said one sceptical businessman, who has spent years trying to push forward a tourism project. “I’m frustrated, to put it mildly . . . The Cubans are their own worst enemies.” Cuban commerce has also been squeezed by foreign exchange shortages, stemming in part from the crisis in Venezuela, its closest ally. This has led to cutbacks in imports and delays in paying bills, even to allies such as China, Cuba’s second-biggest trade partner. The brave face Cuba is trying to put on its economy, despite the US regulatory squeeze, mirrors the stand-off between Havana and Washington over a series of mysterious “sonic attacks” on US and Canadian diplomats. Both are marked by hostile rhetoric launched by each side at the other. Bruno Rodríguez, the Cuban foreign minister has said the US was “deliberately lying” about the attacks in order to poison bilateral relations. Cuba has denied any knowledge of the attacks, which are being investigated by the Federal Bureau of Investigation and the Royal Canadian Mounted Police. Washington meanwhile has shrunk its diplomatic presence in Havana to a skeleton staff, expelled 15 Cuban diplomats from the US and issued a health warning to the potential US travellers that Havana seeks to attract but that may now be deterred from visiting by the new regulations.

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REGIONAL PUBLIC NOTICES

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INVITATION FOR BIDS The Department of Economic Development, Transport and Civil Aviation now invites sealed bids from eligible bidders for Furniture and

be made available from January 29, 2018.

• Lot 1 – Furniture • Lot 2 – Computers and Office Equipment • Lot 3 – Theatre Arts and Music Equipment

The Government of Saint Lucia has received financing from the World Bank towards the cost of Disaster Vulnerability Reduction Project and intends to apply part of the funds to cover eligible payments under the Contract for Procurement of Furniture and Office Equipment for Schools.

Finance Administrative Centre, Pointe Seraphine, Castries. The document will

Office Equipment:

Project: Disaster Vulnerability Reduction Project Contract Title: Procurement of Furniture and Office Equipment for Schools

at the Project Coordination Unit, 2nd Floor,

The goods are to be delivered to the respective project sites within eight (8) weeks of contract notification.

The document will be sent by courier for overseas delivery and surface mail for local delivery. Bids must be delivered to the address below ** on or before February 28, 2018 at 13.00 hours (1:00 p.m.). Electronic bidding will not be permitted. Late bids will be rejected.

Interested eligible bidders may obtain further information from the Project Coordination Unit, Department of Economic Development, Transport and Civil Aviation, and inspect the bidding documents during office hours 09.00 hours (9:00 a.m.) to 16.00 hours (4:00 p.m.) at the

Bids will be publicly opened in the presence of the bidders’ designated representatives and anyone who chooses to attend at the address below *** on February 28, 2018 at 13.30 hours (1:30 p.m.). All bids must be accompanied by a Bid Securing Declaration.

address given below *.

The address(es) referred to above are:

A complete set of bidding documents in English

*The Project Coordinator Disaster Vulnerability Reduction Project

may be collected by interested eligible bidders

Department of Economic Development, Transport and Civil Aviation, 2nd Floor, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia Telephone: 758-468-5816/14 Email: slupcu@govt.lc **The Secretary (Submission of Bids) Central Tenders Board Department of Finance 2nd Floor, Finance Administrative Centre, Pointe Seraphine, Castries, Saint Lucia ***Meeting of the Central Tenders Board Central Tenders Board Department of Finance 2nd Floor, Finance Administrative Centre, Point Seraphine, Castries, Saint Lucia These invitations have been excerpted due to length constraints

FINANCIALLY SPEAKING Financial Literacy 101 presented by Bank of Saint Lucia

ESSENTIAL TIPS FOR YOUNG PROFESSIONALS An essential part of financial planning is recognizing that our financial needs, goals and priorities will change over time. While no two people share the same situation financially, all of us go through the personal financial life stages. These stages include pursuing education; entering the work force; building your career; starting a family and retirement. If you are a young professional, relatively fresh in the workforce and seeking to build your career, these financial tips should help: BUDGET, BUDGET, BUDGET Create a budget for yourself to effectively manage your money. Tracking how much you spend weekly and monthly shows you where your money goes and how you can save more. Identify and classify your expenses – fixed and variable. This in turn affords you the opportunity to place excess funds into savings or investments or work on eliminating any debt. There are a number of budget apps available to track your use of funds automatically or manually. Take your pick! SET LONG TERM GOALS Once you have budgeted and organized your finances, one of the first things to start saving for is retirement. Yes, the best time to start saving is as soon as you receive your very first salary. Ensure that all savings goals

set are realistic and within your means. To assist with your goals, consider setting up a standing order to transfer funds from your salary account to your savings account automatically every month. ESTABLISHING & BUILDING GOOD CREDIT Having a good credit record demonstrates your responsibility and credit worthiness and can assist you later down the line when it comes to home ownership and future borrowing. If you are fresh out of university then you are likely to have a student loan. Student loans and credit cards can assist in building good credit. Ensure that your monthly obligations are met as per your budget. CONSIDER A CONTINGENCY FUND It is important to be financially prepared from as early as possible. Life comes at you quickly, and so do unexpected surprises – like medical emergencies and unexpected job loss. These can temporarily or seriously throw us off the path to achieving our financial goals. The contingency fund should be built to sufficiently cover expenses over a period of at least 3 months. Faster, safer, more convenient

Budget wisely and set realistic goals, make sound financial decisions from an early stage. Build credit and start saving early to be ready for bigger financial decisions in the future. When in doubt, consult your preferred financial services provider.

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